Strong Bullish Signal:
The price continued rising and totally absorbed the previous downward correction of the price, which is a great bullish signal. Moreover, the surge was supported by the large volume, which shows that the smart money pushed the pair up.
Volume Zones:
We need to highlight an important level of resistance/local maximum 114.42, which contains the large volume.
Sentiment:
This indicator shows that 84% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://a.radikal.ru/a20/2111/7f/702842272b88.png
Consider Long Positions:
Given all these factors, we may regard a scenario of the breakout of the resistance, which will be a great bullish signal. The growth must be sharp and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 110 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The price continued rising and totally absorbed the previous downward correction of the price, which is a great bullish signal. Moreover, the surge was supported by the large volume, which shows that the smart money pushed the pair up.
Volume Zones:
We need to highlight an important level of resistance/local maximum 114.42, which contains the large volume.
Sentiment:
This indicator shows that 84% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://a.radikal.ru/a20/2111/7f/702842272b88.png
Consider Long Positions:
Given all these factors, we may regard a scenario of the breakout of the resistance, which will be a great bullish signal. The growth must be sharp and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 110 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
